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Tuesday, April 5, 2016

Open Sky: Message of Kaushik Basu for Bangladesh

Biru Paksha Paul

Economics can turn into an inspirational story if the economist deals the
subject with passion and insight. That is what Professor Kaushik Basu did
while examining the strengths and weaknesses of the Bangladesh economy. His
strong assertion for globalisation could create both debate and determination
toward the gradual acceptance of the market economy. He compares
globalisation to gravity, stating that it is there and it will be there whether
you like it or not. The wise way would be to invent a way to turn gravity to
our favour. Water flows downward by its intrinsic property, he further states.
Smart people will convert that property into hydroelectric power. In the same
vein, Dr. Basu sees the sources of strength for Bangladesh, such as the
demographic blessing and geographic location, that could take advantage of the
benefits of high, effective demand and connectivity.

The Chief Economist of World Bank, Professor Basu, delivered a public
lecture on December 13 in Dhaka. He asserted that what Bangladesh has achieved
over the last four decades is nothing less than a fascinating development
story. The country was once doomed to fail but it has emerged from ashes
with steadily rising growth. Social indicators are not perfect, but the major
numbers exceed those of many other developing nations including India - an
emerging giant whose per capita income is almost 1.5 times higher than
Bangladesh's.

This implies that if Bangladesh's per capita income catches up with India's per
capita, Bangladesh will be placed in a more advanced position than the latter
in almost all social indicators, indicating the country's leading role in
protecting the poor. Professor Basu's visit has been instrumental in changing
the relationship between the current regime and World Bank.

When journalists catapulted arrows of criticism on how the World Bank
handled the case of the Padma Bridge, Dr. Basu instantly congratulated the
Government of Bangladesh on undertaking the mega project with self-financing
capacity. Kaushik applauded Bangladesh for moving ahead with its dream
project without fear, almost echoing Rabindranath's verses, "Where the
mind is without fear, where the head is held high ..."

Although the acrimony between the two parties had taken place before Dr.
Basu joined the World Bank, he did not disown any incidents of the past.
Rather, he viewed the matter from a positive angle by asserting that a good
outcome may often show up after bad history. Professor Basu ascertains that the
bilateral relationship between Bangladesh and the World Bank has now reached a
new height of mutual respect. And Bangladesh has earned that status by
spearheading the titanic project with unflinching determination. No one ever
thought that the Senior Vice President of World Bank would be so effusive in
brightly painting a developing nation like Bangladesh. Our country gained both
morally and psychologically from Dr. Basu's visit to Dhaka.

The day the Prime Minister inaugurated the construction of the Padma Bridge
also marks the day the Chief Economist of World Bank landed in Dhaka. The
confluence of the two circumstances may appear intriguing. Some were
curious as to why the two events occurred simultaneously. But there is no
connection between them. Primarily, Kaushik Basu is the guest of Bangladesh
Bank. The central bank invited Dr. Basu much in advance as the chief
guest of an international workshop held in mid-December, and Dr. Basu honoured
the call from Governor Atiur Rahman.

Gradually, Dr. Basu's programme began to unfold, comprising various
high profile meetings including ones with the PM, Finance Minister, and
Planning Minister. They were all impressed by Dr. Basu's wisdom to read
the inner strength of the Bangladesh economy. Professor Basu places enormous
importance on patriotism and the country's united spirit and thus, paid homage
to Bangabandhu, who he considers to be a visionary and a great leader.
While meeting the Prime Minister, Kaushik did not forget to mention his mother,
who was originally from Jessore. And thus he could convince our leader
about his candid feelings for Bangladesh.

Dr. Basu was very enthusiastic about the rural economy and to learn about
financial inclusion, an essential strategy Bangladesh Bank has been campaigning
for to promote inclusive growth and consequently, sustainable development.

Kaushik Basu sees Bangladesh as being on the cusp; lying between moderately
high growth and the actual takeoff. Seldom have we seen such optimism and
econometric rigour in the analyses of even local critics. Basu claims that few
countries of the world were fortunate enough to maintain an average growth of
6-plus percent for 12 years, as maintained by Bangladesh.

When Basu speaks, economists listen to both his diction and predictions.
Basu's economics is both statistical and inspirational since this game theorist
sheds light on moral qualities. Basu's main message for Bangladesh is to ensure
that this takeoff happens by investing in infrastructure and accelerating
growth in a balanced, inclusive fashion. Kaushik Basu believes that a vibrant
Bangladesh will soon turn into a marvelous development model – a story that
will radiate awe and inspiration on the globe.